IDEAS home Printed from https://ideas.repec.org/a/gam/jijfss/v13y2025i4p189-d1770015.html

Implication of Digital Marketing in the Supply Chain Finance of the Beverage Industry

Author

Listed:
  • Nikolaos T. Giannakopoulos

    (BICTEVAC Laboratory—Business Information and Communication Technologies in Value Chains, Department of Agribusiness and Supply Chain Management, School of Applied Economics and Social Sciences, Agricultural University of Athens, 118 55 Athens, Greece)

  • Damianos P. Sakas

    (BICTEVAC Laboratory—Business Information and Communication Technologies in Value Chains, Department of Agribusiness and Supply Chain Management, School of Applied Economics and Social Sciences, Agricultural University of Athens, 118 55 Athens, Greece)

  • Kanellos Toudas

    (BICTEVAC Laboratory—Business Information and Communication Technologies in Value Chains, Department of Agribusiness and Supply Chain Management, School of Applied Economics and Social Sciences, Agricultural University of Athens, 118 55 Athens, Greece)

  • Panagiotis Karountzos

    (BICTEVAC Laboratory—Business Information and Communication Technologies in Value Chains, Department of Agribusiness and Supply Chain Management, School of Applied Economics and Social Sciences, Agricultural University of Athens, 118 55 Athens, Greece)

Abstract

This paper investigates the role of digital marketing signals as alternative data for understanding financial and operational dynamics in the beverage supply chain. Drawing on web analytics covering multiple actors across a five-month horizon, we analyze traffic composition, user engagement, and acquisition channels through a panel econometric framework. Descriptive statistics reveal pronounced heterogeneity in channel reliance, with some firms emphasizing organic search visibility while others depend more on paid campaigns or social referrals. Correlation patterns indicate strong substitution between organic and paid search, while display advertising is positively associated with session depth, suggesting that differentiated digital strategies influence user engagement. Analysis of variance confirms significant structural differences across firms, with an effect size exceeding 0.90. A two-way fixed-effects regression demonstrates that brand-specific factors explain the vast majority of variation in digital visibility, overshadowing short-term fluctuations. These results highlight the potential of web-derived marketing metrics to serve as leading indicators of supply chain finance outcomes such as revenue growth, working-capital efficiency, and investor sentiment. By integrating digital signals into financial econometrics, this study contributes to emerging research on alternative data in supply chain contexts and offers practical implications for managers, investors, and policymakers.

Suggested Citation

  • Nikolaos T. Giannakopoulos & Damianos P. Sakas & Kanellos Toudas & Panagiotis Karountzos, 2025. "Implication of Digital Marketing in the Supply Chain Finance of the Beverage Industry," IJFS, MDPI, vol. 13(4), pages 1-23, October.
  • Handle: RePEc:gam:jijfss:v:13:y:2025:i:4:p:189-:d:1770015
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2227-7072/13/4/189/pdf
    Download Restriction: no

    File URL: https://www.mdpi.com/2227-7072/13/4/189/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Xinli Li & Junzhou Yan & Jun Cheng & Jiaying Li, 2023. "Supply-Chain Finance and Investment Efficiency: The Perspective of Sustainable Development," Sustainability, MDPI, vol. 15(10), pages 1-17, May.
    2. Gric, Zuzana & Bajzík, Josef & Badura, Ondřej, 2023. "Does sentiment affect stock returns? A meta-analysis across survey-based measures," International Review of Financial Analysis, Elsevier, vol. 89(C).
    3. Woloszko, Nicolas, 2024. "Nowcasting with panels and alternative data: The OECD weekly tracker," International Journal of Forecasting, Elsevier, vol. 40(4), pages 1302-1335.
    4. Yunchuan Sun & Lu Liu & Ying Xu & Xiaoping Zeng & Yufeng Shi & Haifeng Hu & Jie Jiang & Ajith Abraham, 2024. "Alternative data in finance and business: emerging applications and theory analysis (review)," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-32, December.
    5. Ritu Srivastava & Parul Gupta & Harish Kumar & Nikhita Tuli, 2025. "Digital customer engagement: A systematic literature review and research agenda," Australian Journal of Management, Australian School of Business, vol. 50(1), pages 220-245, February.
    6. Mitchell A. Petersen, 2009. "Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches," The Review of Financial Studies, Society for Financial Studies, vol. 22(1), pages 435-480, January.
    7. John C. Driscoll & Aart C. Kraay, 1998. "Consistent Covariance Matrix Estimation With Spatially Dependent Panel Data," The Review of Economics and Statistics, MIT Press, vol. 80(4), pages 549-560, November.
    8. Olivier Dessaint & Thierry Foucault & Laurent Fresard, 2024. "Does Alternative Data Improve Financial Forecasting? The Horizon Effect," Journal of Finance, American Finance Association, vol. 79(3), pages 2237-2287, June.
    9. Coroneo, Laura & Iacone, Fabrizio, 2025. "Testing for equal predictive accuracy with strong dependence," International Journal of Forecasting, Elsevier, vol. 41(3), pages 1073-1092.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Andrea Orame, 2020. "The role of bank supply in the Italian credit market: evidence from a new regional survey," Temi di discussione (Economic working papers) 1279, Bank of Italy, Economic Research and International Relations Area.
    2. Kisser, Michael & Rapushi, Loreta, 2022. "Equity issues, creditor control and market timing patterns: Evidence from leverage decreasing recapitalizations," Journal of Empirical Finance, Elsevier, vol. 67(C), pages 196-216.
    3. A. Colin Cameron & Douglas L. Miller, 2010. "Robust Inference with Clustered Data," Working Papers 106, University of California, Davis, Department of Economics.
    4. Kraft, Holger & Schwartz, Eduardo S. & Weiss, Farina, 2017. "Growth options and firm valuation," SAFE Working Paper Series 6, Leibniz Institute for Financial Research SAFE, revised 2017.
    5. Hoechle, Daniel & Schmid, Markus & Zimmermann, Heinz, 2017. "Does Unobservable Heterogeneity Matter for Portfolio-Based Asset Pricing Tests?," Working Papers on Finance 1717, University of St. Gallen, School of Finance, revised Mar 2020.
    6. Jushan Bai & Sung Hoon Choi & Yuan Liao, 2021. "Feasible generalized least squares for panel data with cross-sectional and serial correlations," Empirical Economics, Springer, vol. 60(1), pages 309-326, January.
    7. Fratianni, Michele & Marchionne, Francesco, 2013. "The fading stock market response to announcements of bank bailouts," Journal of Financial Stability, Elsevier, vol. 9(1), pages 69-89.
    8. Bai, Jushan & Choi, Sung Hoon & Liao, Yuan, 2024. "Standard errors for panel data models with unknown clusters," Journal of Econometrics, Elsevier, vol. 240(2).
    9. Fernandes, Marcelo & Paye, Bradley & Roma, Carolina Magda da Silva, 2025. "The equity premium and the disconnect between uncertainty and volatility: A global perspective," The Quarterly Review of Economics and Finance, Elsevier, vol. 103(C).
    10. Holger Kraft & Eduardo S. Schwartz & Farina Weiss, 2013. "Growth Options and Firm Valuation," NBER Working Papers 18836, National Bureau of Economic Research, Inc.
    11. Abdulrasheed Zakari & Bahareh Oryani & Rafael Alvarado & Kadir Mumini, 2023. "Assessing the impact of green energy and finance on environmental performance in China and Japan," Economic Change and Restructuring, Springer, vol. 56(2), pages 1185-1199, April.
    12. Rodríguez-García, Rafael & Budría, Santiago, 2019. "The impact of supply-side factors on corporate leverage," International Review of Financial Analysis, Elsevier, vol. 64(C), pages 262-272.
    13. Wolfgang Bessler & Wolfgang Drobetz & Julian Holler, 2015. "The Returns to Hedge Fund Activism in Germany," European Financial Management, European Financial Management Association, vol. 21(1), pages 106-147, January.
    14. Boubaker, Sabri & Eshraghi, Arman & Liu, Yifan, 2024. "Stock Liquidity Sidedness and Share Repurchase," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    15. Chen, Kaicheng & Vogelsang, Timothy J., 2024. "Fixed-b asymptotics for panel models with two-way clustering," Journal of Econometrics, Elsevier, vol. 244(1).
    16. Andrea Orame, 2023. "Bank Lending and the European Debt Crisis: Evidence from a New Survey," International Journal of Central Banking, International Journal of Central Banking, vol. 19(1), pages 243-300, March.
    17. Kim, Min Seong & Sun, Yixiao, 2013. "Heteroskedasticity and spatiotemporal dependence robust inference for linear panel models with fixed effects," Journal of Econometrics, Elsevier, vol. 177(1), pages 85-108.
    18. Hoechle, Daniel & Schmid, Markus & Zimmermann, Heinz, 2012. "Decomposing Performance," Working Papers on Finance 1216, University of St. Gallen, School of Finance, revised Nov 2015.
    19. A. Colin Cameron & Douglas L. Miller, 2015. "A Practitioner’s Guide to Cluster-Robust Inference," Journal of Human Resources, University of Wisconsin Press, vol. 50(2), pages 317-372.
    20. Mohamed Saadi, 2011. "Technology Transfer, Foreign Direct Investment, Licensing and the Developing Countries’ Terms of Trade," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 5(4), pages 381-420, November.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jijfss:v:13:y:2025:i:4:p:189-:d:1770015. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager The email address of this maintainer does not seem to be valid anymore. Please ask MDPI Indexing Manager to update the entry or send us the correct address (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.